Aabar eyes piece of Manhattan

Aabar Investments, an Abu Dhabi government-backed investment company, is targeting an “iconic” piece of Manhattan real estate, according to Mohamed al-Husseiny, chief executive of the firm.“If we do close, it will be an iconic investment right in the middle of Manhattan,”Â al-Husseiny told a conference call for investors earlier this week. If executed, the property development will be an 80 storey building with condominiums and five-star hotels.

The biggest shareholder in Aarbar is the International Petroleum Investment Company (IPIC), which is fully owned by the Abu Dhabi emirate. While IPIC makes investments in natural resource development projects, Aabar deploys capital in other markets.

In July, Aarbar bought a 32 per cent stake in emerging space tourism carrier Virgin Galactic. It also owns 9.1 per cent of Daimler, which owns carmaker Mercedes, and the private banking operation of America International Group, Falcon Private Bank.

Its portfolio also holds plots of land in Abu Dhabi slated for development projects.